Tron (TRX) is maintaining its position near $0.24 after recent crypto market volatility. The token experienced a minor 0.91% decrease over the last day. Analysts are closely monitoring TRX for signs of a potential breakout, targeting $0.40.
TRX has been consolidating between $0.21 and $0.2551 for several weeks. This sideways price action followed a drop from $0.45 to $0.21 at the end of last year. Currently, buyers are showing strength at the $0.24 level, coinciding with the 50-day Exponential Moving Average (EMA).
The 50-day, 100-day, and 200-day EMAs are in a bullish alignment, suggesting a possible upward move. The longer TRX stays above these support lines, the higher the likelihood of a breakout. The Moving Average Convergence Divergence (MACD) indicates a potential shift, with the MACD and signal line converging in positive territory, signaling increasing momentum.
Analysts predict that increased purchase volume could push TRX above $0.2551 towards $0.28, the 23.6% Fibonacci retracement level. Continued momentum could drive TRX to the 50% Fibonacci level at $0.39, nearing the $0.40 target. Tether's creation of an additional $1 billion USDT on the Tron blockchain also supports this bullish outlook.
Since April 28, Tether has minted 4 billion USDT on Ethereum and Tron combined. New USDT minting often signals increased market activity. Analyst Ted Pillows reports that Tron's share of overall network economic value is nearly 25%, while its revenue chain is higher than Ethereum's, accounting for 16% of total network revenue.
TronScan data shows the network now has over 304 million accounts. The total value locked (TVL) across Tron's platforms has surpassed $20 billion. Whether TRX reaches $0.40 soon depends on its performance around the $0.25 resistance level, with current indicators suggesting a positive direction.
This article is based on our author's analysis of materials.